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Logo of the General Secretariat of Committees for Resolution of Securities Disputes
The General Secretariat of Committees for Resolution of Securities Disputes (GS-CRSD) announced the Appeal Committee for the Resolution of Securities Disputes' (ACRSD) resolution dated Oct. 11, 2022. The resolution was issued in the public penal case filed by the Public Prosecution against Yazeed bin Khaled bin Aqla Alenizy.
The case was referred to the Public Prosecution by the Capital Market Authority (CMA).
Alenizy was convicted of violating Article 31 of the Capital Market Law, and Article 5 of the Securities Business Regulations for participating in advisory business, without obtaining a license from the CMA.
He collected subscription fees from beneficiaries of the service, who aimed to get recommendations on Tadawul-listed companies. The collection of subscription fees was done through the bank account of the Arab Modern Holiday for Commercial Services Establishment, which is owned by Alenizy.
Alenizy was fined SAR 200,000 on this violation.
Furthermore, any person who entered into an agreement or contract with the convicted person in relation to this violation is entitled to file a claim (as individual or class action) with the CRSD to request the rescission of the agreement or contract and the recovery of any money or other property paid or transferred by this person under the agreement or contract.
However, the GS-CRSD will announce to the public on its website in case of registering any class action in order to enable the rest of investors who entered into an agreement or contract with the convicted person to join the class action.
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